Jin10 data reported on October 15, recently, the price of gold has been continuously strengthening. Li Shuaihua, chief analyst of non-ferrous new materials at China Post Securities, stated that in the short term, three factors are driving the rise in gold prices. First, the Fed lowered interest rates in September, releasing liquidity and attracting trading capital into the gold market; second, the intensification of global geopolitical conflicts has heightened risk aversion; third, central banks of various countries are accelerating the diversification of reserves to hedge against dollar credit risk, leading to a continuous increase in gold ETF open interest. In addition, the "shutdown" of the U.S. federal government further stimulates market risk aversion. Li Shuaihua believes that in the long term, first, the U.S. fiscal deficit and debt risk are difficult to resolve in the short term. Under high interest rates, the interest burden of U.S. Treasury bonds increases, exacerbating market concerns about dollar credit and driving continuous demand from central banks for gold purchases. Second, factors such as trade frictions weaken the dollar's dominance, highlighting the strategic value of gold as a safe-haven asset. Finally, international geopolitical conflicts, the Middle East situation.